Legal Separation, Property Ownership and Taxes

[artms]

In a legal separation or divorce for that matter:
Are there any tax consequences to a couple seeking a legal separation if they change ownership of property from Joint Tenancy to Tenants-in-Common with 50/50 ownership? Children would inherit the property.

What if they chose to pass their half to each other upon death and then to the children?


"There are no stupid questions."

[seniorjudge]

Q: Are there any tax consequences to a couple seeking a legal separation if they change ownership of property from Joint Tenancy to Tenants-in-Common with 50/50 ownership?

A: Yes.